In the wake of the AIB affair, the Irish financial markets regulator is to be given new powers by fresh legislation currently going thorough the Irish parliament, the Dail, it has emerged.
The new powers are likely to give the Irish Financial Services Regulatory Authority strengthened ability to fine and otherwise sanction firms found to be transgressing financial laws.
The IFSRA is currently engaged in an investigation into the affairs of Ireland’s largest bank, AIB, after recent revelations about the activities of the bank’s Investment Managers (AIBIM) fund during the period 1989 to 1996.
An 8-month investigation uncovered the use of a British Virgin Islands company called Faldor by AIBIM to channel trading profits from share allocations in IPOs and other share issues.
The bank said it appeared that AIBIM had 'favoured' Faldor at the expense of other in-house accounts, mentioning 'unacceptable deal allocation practices.'
In a recent statement on the issue, the regulator stated: “Any improper practices carried out in the financial services industry are totally unacceptable and are taken very seriously by the Irish Financial Services Regulatory Authority.”
However, IFSRA was keen to emphasise that action in the AIB case will not be taken until the investigation is completed.
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